UPON DEMAND Sample Clauses
The "Upon Demand" clause establishes that a party must fulfill a specified obligation immediately when requested by the other party, without the need for further conditions or delays. In practice, this often applies to payments, delivery of documents, or performance of certain actions, which must be completed as soon as the demand is made, regardless of any other circumstances. This clause ensures prompt compliance and provides certainty, reducing the risk of disputes or delays by making the timing and conditions for performance clear and unequivocal.
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UPON DEMAND. At the election of the Bank, upon demand, all outstanding Obligations shall be due and payable upon the occurrence of an Event of Default (other than any Event of Default described in Sections 6.5 or 6.6, for which no notice is necessary), and the Borrower shall pay all such Obligations to the Bank.
UPON DEMAND. Upon the written election of the Senior Majority, given following the earlier of (i) June 30, 2012 and (ii) the date on which the Company enters into an exclusive product licensing transaction which provides at least $30,000,000 in up-front net cash proceeds to the Company, the Company shall promptly (and in any event within ten (10) business days of receipt of such notice) repay the Outstanding Amount under this Senior Note and the corresponding Outstanding Amounts under all other Senior Notes. All such repayments shall be made pro rata among the Senior Notes based on the amounts then outstanding under each such Senior Note.
UPON DEMAND. At the election of Westcorp, upon demand, all outstanding Obligations shall be due and payable upon the occurrence of an Event of Default (other than any Event of Default described in Sections 6.5 or 6.6, for which no notice is necessary), and the Borrower shall pay all such Obligations to Westcorp.